When the market softens it can be a blow to a real estate agent or brokerage but it can also be an opportunity according to an industry consultant.
Larry Weltman of Weltman Consulting says that when things are moderating it’s a good time to look at the business and how it’s marketed and implement smarter strategies.
"In a hot real estate market, it's easy to react to opportunities," says Weltman. "Now, there's some breathing room to get strategic about your business."
Weltman, who works with real estate professionals on business and marketing, says that a softer market is a good time to update your business plan; decide on the goals and how you plan to achieve them; and be honest about your strengths, weaknesses, threats, and opportunities.
Dare to be different
It’s also a good time to look at your marketing plan and how you might be able to stand out from the crowd.
"Relationships matter, so there's truth to the marketing adage that 'your next best customer is the one you already have,'" Weltman says. "Consider marketing initiatives to tighten existing relationships and increase referrals. It could be a quarterly newsletter on market conditions. Or a referral 'reward' program. And the power of social media should also be leveraged."